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Is Workers' Comp Required in Colorado

Colorado Workers Compensation Requirements

    All employers in Colorado are required to buy workers' compensation coverage. There are only a few exceptions to this rule.

    Sole Proprietors and Partners are excluded from coverage, but they may elect to be included.

    Corporate Officers and LLC Members are included for coverage but may elect to be exempt if they own at least 10% of the stock or membership interest in the business.

    Employers are exempt from carrying workers compensation coverage if they have employees performing certain casual maintenance or repair work for under $2,000.00 per calendar year.

    An employer is not required to carry workers' compensation coverage for work done by a licensed real estate agent working on commission or for independent contractors who perform specific for hire transportation jobs.

    An employer is not required to carry workers' compensation coverage for any person who volunteers time or services for a ski area operator.

    Federal and Railroad employees are covered under federal workers' compensation laws.

    The Colorado State Insurance Fund is managed by Pinnacol Assurance. Pinnacol also competes with private insurance companies in Colorado.

Workers' Comp Exemptions in Colorado

    When Sole Proprietors, Partners, Corporate Officers or LLC Members are included under a workers compensation insurance policy they must be included with a payroll amount of $58,400 per year for calculating the cost of coverage. Corporate Officers owning at least 10% of company stock can opt out of coverage.


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How is Workers Comp Calculated?

Workers' compensation is a commercial insurance product categorized as Property & Casualty insurance (P&C Insurance). Even though workers comp is calculated using estimated payroll wages and class codes, premium is still a separate business expense from the cost of payroll. Business owners may treat the cost of coverage as an expense on their taxes.

Work comp rates for all job classification codes are always expressed as a percentage of $100 in wages. An annual policy is always subject to an audit because it was based on estimated wages and not actual wages.

Here is an example using two class codes with different estimated payroll for each class code:

Class Code Insurance Companies Rate Per $100 Estimated Annual Payroll Divide Payroll by 100
8810 Clerical $0.28 base manual rate $25,000  (25000 divided by 100) 250
8835 Home Health Care $1.75 base manual rate $100,000  (100000 divided by 100) 1000

In order to calculate the cost of the policy you only need to multiply each rate with its divided payroll. It benefits employers to re-calculate their premium as their payroll becomes larger than originally anticipated.

Class Code Workers Comp Calculator Estimated Premium
8810 Clerical $0.28 X 250 $70.00
8835 Home Health Care $1.75 X 1000 $1,750.00
Workers' Compensation Laws Vary by State

Every state has their own rules for how employees must be covered and how they must be classified for rating premium. A lot of states use state specific class codes and have different requirements for who is obligated to carry workers' compensation insurance coverage.

If you have employees that travel out of state for work, or they work in multiple states throughout the year, you may need to purchase insurance for all the states where your workers are located and working. In most cases, you can add multiple states to one policy.

Workers' Compensation Insurance in Colorado can be purchased from private insurance companies authorized by the state to provide coverage. The Assigned Risk Pool, or State Insurance Fund, is available for employers who are unable to find coverage from a private company. WorkersCompensationShop.com can help you navigate your best options.

Policy premium is based on numerous factors including: class codes assigned to your business and employees, estimated payroll, covered states, prior policies, owner experience and previous insurance claims.

Enjoy the benefits of our Pay As You Go Workers' Comp Options in Colorado.

$O Deposit or Minimum Down

We've developed Pay As You Go workers compensation programs that reduce or eliminate premium deposits and allow Colorado employers to report and pay premium based on actual payroll wages. Protect your business from audits.

Lower Monthly Payments

We've negotiated special deals with many of our insurance partners. We offer more flexible payment options, like 12 equal installments plans and monthly reporting programs, to help improve cash flow for our business owners.

Colorado Work Comp Specialists

We're a national insurance agency, but we provide heavily in CO. This is because we offer over a dozen insurance providers who specialize in Workers' Compensation Insurance in CO. These providers are eager to quote your Workers Comp Policy.

Colorado Workers Compensation Insurance Quotes

CO Workers' Comp Specialists

As of 2020 rates in Colorado were 15% lower than the national average. Still many employers do not take advantage of all the money saving options available. At Workers Compensation Shop.com, we partner with more than a 35 insurance companies. This allow our agents to shop your work comp policy and get you the absolute best coverage at rock bottom prices.

Help with CO Class Codes

Insurance rates vary significantly between NCCI classification codes. Let our CO Workers Compensation Specialists help you determine your correct workers compensation class codes before you buy a policy. We'll help make sure your business is properly covered and protected from audits.

Fast Workers' Comp Quotes

We make the process of getting workers compensation quotes fast and easy. We know your time is valuable. That's why we work harder to streamline the quote process, compare your rates and coverages, and present your best options as quickly as possible. We often have your insurance quotes ready in less than 24 hours.

Compare Rates With More Carriers

We're a National Agency, and we have tons of carriers offering work comp in Colorado. We have access to over 35 insurance companies with a diverse appetite and competitive rates. Our markets know we expect the lowest rates, bigger discounts, and more policy credits when we request a quote.

THE RIGHT QUOTE MAKES A DIFFERENCE.

A BETTER WAY TO BUY
WORKERS' COMPENSATION INSURANCE
Did you know that the cost of a workers comp policy in Colorado can vary significantly between insurance company, underwriter, and insurance agency?
Find the best deal on workers compensation insurance.
Visit NCCI for more resources and information about workers' compensation class codes. Visit United States Department of Labor for more information about government agencies managing workers compensation insurance rates.

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